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|Legal and administration
details for the|Legal and administration
details for the|year ended 31March 2021.|year ended 31March 2021.||
|---|---|---|---|---|
|Report ofthe Council ofManagement,||incorporating
the|Strategic Report||
|for the year ended 31March 2021..||||.**.** 2|
|Independent|auditors'
report to the Members ofChatsworth||House Trust..|.13|
|Consolidated|Statement offinancial
activities for the year||ended 31March 2021...|....17|
|Consolidated|and Charity Balance sheets as at 31 March 2021..|||.18|
|Consolidated|Statement ofCash Flows|for the year ended|31March 2021..|....19|
|Accounting|policies for the year ended|31March 2021.||....20|
|Notes to the|accounts for the year ended|31March 2021.||.25|
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|||Year ended 31March|Year ended 31March||
|---|---|---|---|---|
||2021|2021|2020|2020|
||Actual|Benchmark|Actual|Benchmark|
|General Fund|+19.1%|+24.9%|-7.0%|-10.1%|
|Art Purchases Fund|+21.1%|+24.9%|-7.8%|-10.1%|
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|Expenditure
acc|ount)|for the|year ended|31March 2|021||||
|---|---|---|---|---|---|---|---|---|
|||||Art|Donated|Other|||
||||General|Purchases|Asset|Restricted|Total|Total|
|||Notes|Fund|Fund|Reserve|Funds|Funds|Funds|
||||(unrestricted)|(unrestri cted)|(unrestricted/|(restri cted)|2021|2020|
||||60/70|$000|f000|$000|f000|$000|
|Income from:|||||||||
|Charitable
activities|||4,068||||4,068|9,430|
|Trading activities|||2,000|||190|2,190|3,897|
|Investmentincotne|||327|212|||539|793|
|Donations
and legacies|||404||||404|437|
|Total|||6,799|212||190|7,201|14,557|
|Expenditure
on:|||||||||
|Raising funds|||432|44|||476|1,932|
|Charitable
activities|||9,474|34||36|9,544|11,941|
|Preservation
and maintenance|||(184)||||(184)|(172)|
|Total|||9,722|78||36|9,836|13,701|
|Net (expenditure)/income
the year||for|(2,923)|134||154|(2,635)|856|
|Net gains/(losses)
on
investments|||1,700|1,593|||3,293|(2,060)|
|Net iacome/(deficit)
vear|for the||(1,223)|1,727||154|658|(1,204)|
|Movement
between|funds||154|||(154)|||
|Other recognised
gains and|||||||||
|losses|||||||||
|Actuarial
(loss)/gain
pension scheme|on|26|(3,694)||||(3,694)|1,362|
|Loss on investment|properties|||||||(281)|
|Net movement offunds|||4763|I727|||3036|123|
|Total funds brought|forward||7,204|17,449|765|9|25,427|25,550|
|Total funds carried|forward||2,441|19,176|765|9|22,391|25,427|
##
##
|||Notes|Grou||Chari|||
|---|---|---|---|---|---|---|---|
||||2021|2020|2021||2020|
||||OOOO|OOOO|FOOO||6000|
|Fixed assets||||||||
|Fixed assets||13|1,926|2,484|1,794||2,344|
|Heritage assets||14|10,100|10,089|10,100||10,089|
|Investment
properties||15|2,680|2,680|2,680||2,680|
|Investments||16|22&289|19,357|22,289||19,357|
|Total Axed Assets|||36,995|34,610|36,863||34,470|
|Current assets||||||||
|Stocks||17|69|67|69||67|
|Debtors||18|1,573|2,468|1,311||1,992|
|Cash at bank and in hand|||399|1,116|362|.|945|
|Total Current Assets|||2,041|3,651|1,742||3,004|
|Creditors
(Amo'unts
one year)|falling due within|19|(4,654)|(4,561)|(4&223)||(3,774)|
|Net current liabiTities|||(2,613)|(910)|(2,481)||(770)|
|Net assets excluding|pension liability||34,382|33,700|34/82||33,700|
|Defined benefit pension scheme liability||26|(11,991)|(8,273)|(11,991)||(8,273)|
|Net assets|||22,391|25,427|22,391||25,427|
|The funds ofthe charity:||||||||
|Unrestricted
income|funds:|||||||
|General Fund||22|2,441|7,204|2,441||7,204|
|Art Purchases Fund||23|19,176|17,449|19,176||17,449|
|Donated Asset Reserve||24|9|9|9||9|
|Endowment
Fund||25|765|765|765||765|
||||22,391|25,427|22,391||25,427|
##
##
||||||Notes|2021|2020|
|---|---|---|---|---|---|---|---|
|||||||$000|$000|
|Cash flows from operating activities:||||||||
|Net movement offunds||||||(3,036)|(123)|
|(Gains)/losses
on investments||||||(3,293)|2,060|
|Actuarial
loss/(gain)
on pension|scheme|||||3,694|(1,362)|
|Gains on investment
properties|||||||281|
|Pension service and interest||||||315|372|
|Unfunded
pension scheme non-cash movement||||||(291)|(301)|
|Profit on disposal ofassets||||||512|30|
|Depreciation
charges||||||372|396|
|Investment
income||||||(539)|(793)|
|(Increase)/decrease
in stocks||||||(2)|5|
|Decrease/(increase)
in debtors||||||895|(880)|
|Increase in creditors||||||93|964|
|Net cash flow (used in)/generated||from operating||activities||1,280)|649|
|Cash flows from investing
activities:||||||||
|Income from inveslments||||||539|793|
|Proceeds &om the sale ofproperty,||plant and equipment||||||
|Purchase ofproperty,
equipment|and heritage assets|||||(339)|(797)|
|Purchase ofinvestments||||||(2,643)|(5,355)|
|Proceeds trom sale ofinvestments||||||2532|4095|
|Net cash generated
from/(used|in) investing||activities|||91|(1,260|
|Change in cash and cash equivalents||||||(1,189)|(611)|
|Cash and cash equivalents
at|the|beginning ofthe||period||2,815|3,426|
|Cash and cash equivalents
at|the|end of|the period||31|1,626|2,815|
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|||||Art|Donated|Other||
|---|---|---|---|---|---|---|---|
||||General|Purchases|Asset|Restricted||
||||Fund|Fund|Reserve|Funds|Total Funds|
||||(unrestri cted)|(unrestricted)||(restricted)|2020|
||||$000|$000|5000|$000|$000|
|Income from:||||||||
|Charitable Activities|||9,430||||9,430|
|Trading activities|||3,822|||75|3,897|
|Donations
/k Legacies|||437||||437|
|Investment
income|||488|305|||793|
|Total|||14,177|305||75|14,557|
|Expenditure
on:||||||||
|Raising funds|||1,887|45|||1,932|
|Charitable
activities|||11,851|||90|11,941|
|Preservation
and Maintenance|||(172)||||(172)|
|Total|||13,566|45||90|13,701|
|Net (expenditure)/income||for the|611|260||(15)|856|
|year||||||||
|Net gains on investments|||(1,073)|(987)|||(2,060)|
|Net (deficit)/income|for|the year|(462)|(727)||(15)|(1,204)|
|Other.recognised gains||||||||
|Actuarial
(loss)/gain|on pension scheme||1,362||||1,362|
|(Loss)/gain
on investment||properties|(281)||||(281)|
|Net movement offunds|||619|(727)||(15)|(123)|
|Total funds brought|forward||6,585|18,176|765|24|25,550|
|Total funds carried|forward||7,204|17,449|765|9|25,427|
##
##
##
|||||2021|2020|
|---|---|---|---|---|---|
|||||OOOO|COOO|
|Amounts|receivable|&om|admissions|4068|9,430|
##
||2021|2020|
|---|---|---|
||OOOO|6000|
|Income I'rom park events|226|2,197|
|Rental income (see note 27)|279|744|
|Other income|1,685|956|
||2,190|3,897|
||||2021|2020|
|---|---|---|---|---|
||||OOOO|OOOO|
||||724|2,806|
|Cost ofsales|||9|(1,825)|
|Facility fee|||(379)|(379)|
|Administration|costs and interest payable||(11)|(15)|
|Net profit|||343|587|
|Amount gin aided to the charity|||343|587|
|Retained in subsidiary|||||
|The assets and|liabilities ofthe subsidiary|were:|||
|Fixed assets|||132|140|
|Current assets|||496|978|
|Current liabilities|||628|1,118|
|Total net assets|||||
##
##
||||Art|||
|---|---|---|---|---|---|
||||Purchases|||
|||General Fund|Fund|2021|2020|
|||6000|OOOO|OOOO|OOOO|
|Income fiom quoted investments||||||
|UK Fixed interest stocks||9|8|17|29|
|UK Equities||198|186|384|547|
|Overseas stocks||23|18|41|41|
|Interest on cash|with broker||||10|
|Other UK bank|interest||||6|
|Income from UK properties||96||96|160|
|||327|212|539|793|
|Income from donations||||||
|||||2021|2020|
|||||OOOO|6000|
|Statf/pensioner|housing|||370|389|
|Other donations|and legacies|||34|48|
|||||404|437|
##
|Analysis o|fexpenditure
on raising funds|||
|---|---|---|---|
|||2021|2020|
|||OOOO|fOOO|
|Subsidiary|trading operations|381|1,840|
|Investment|fees (see note 16)|95|92|
|||476|1,932|
##
##
##
##
|Analysis ofexpenditure|on charitable
activities|||
|---|---|---|---|
|||2021|2020|
|||5000|5000|
|Admissions
expenses||2,120|3,628|
|Expenses ofpark events|||15|
|Maintenance
ofthe art collection||401|462|
|Maintenance
ofthe garden, park and woods||1,136|1,362|
|General upkeep ofthe house and stables||2,255|2,037|
|Repair expenditure||436|1,109|
|General insurance||252|218|
|Management
rents||370|389|
|Allocations ofsupport costs (see note 9)||2,394|2,524|
|Allocation ofgovernance|costs (see note 9)|180|197|
|||9,544|11,941|
##
|Analysis ofgovernance
and suppo|rt costs||||
|---|---|---|---|---|
|||2021||2020|
|||6000||$000|
|Management
charge||1,091||1,120|
|Wages &salaries||917||912|
|Legal &professional||36||33|
|Depreciation||$7||69|
|Other administrative||140||208|
|Service &interest cost on unfunded|pension scheme|315||372|
|Secretarial fees||22||41|
|Audit fees||24||23|
|Trustee's expenses (see note 27)|||||
|||2,632||2,778|
|Allocated:|||||
|Charitable
activities||2,394|.|2,524|
|Governance
costs||180||197|
|Preservation
and maintenance||5$||57|
|||2,632||2,778|
##
##
##
##
|||||||||2021|2020|
|---|---|---|---|---|---|---|---|---|---|
|||||||||Number|Number|
||Administration|snd management||||||24|29|
||Domestic|||||||10|13|
||Wardens|||||||20|41|
||Maintenance|||||||28|30|
||Gardens|||||||29|30|
||Domain|||||||6|6|
||Farm yard|||||||10|15|
|||||||||127|164|
|12|Analysis ofstaff costs, trustee|||remuneration||and expenses and the cost ofkey management||||
||personnel|||||||||
|||||||||2021|2020|
|||||||||$000|$000|
||Salaries
dr, wages|||||||3,514|3,644|
||Social security|||||||630|688|
||Employers
pension contributions||||to the money|purchase|scheme|136|127|
||Staff/pensioner|housing||||||370|389|
||Service cost on|unfunded|pension|||||128|146|
||Interest cost on|unfunded|pension|||||187|226|
|||||||||4,965|5,220|
||Five employees|had employee||benefits in excess of$60,000(2019/20: five).||||||
|||||||||2021|2020|
|||||||||Number|Number|
||860,000 - 670,000|||||||2|2|
||870,000 - 880,000|||||||I|I|
||680,000 - 890,000|||||||2|2|
##
##
##
|Tangible assets|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|||Group|||||Charily||||
||Long|Equipment||||Long|Equipmcnt||||
||Leasehold|and|Assets|under||Leasehold|and|Assets|under||
||Burldings|Vehicles|Construction||Toml|Buildings|Vehicles|Construction||Total|
||OOOO|rooo||rood|food|OOOO|5000||6000|OOOO|
|Cost:|||||||||||
|At 1 April 2020|2,099|6,715|||8,814|2,099|6,556|||8,655|
|Additions/Adjustments||328|||328||328|||328|
|Disposals|(514)|(7)|||(521)|(514)|(7)|||(521)|
|At 31March 2021|1,585|7,036|||8,621|1,585|6,877|||8,462|
|Accumulated
Depreciation:|||||||||||
|At 1 April 2020|91
1,3|4,939|||6,330|1,391|4,920|||6,311|
|Charge for the period|20|352|||372|20|344|||364|
|Disposals||(7)|||(7)||(7)|||(7)|
|At 31 March 2021|1,411|5,284|||6,695|1,411|5,257|||6,668|
|Net BookAmounts|||||||||||
|At31 March 2021|174|1,752|||1 rt26|174|1,620|||1,794|
|At 31 March 2020|708|1,776|||2,484|708|1,636|||2,344|
##
##
##
##
##
|nvestments|||||||
|---|---|---|---|---|---|---|
|||||Art|||
||||General|Purchases|Total|Total|
||||Fund|Fund|2021|2020|
||||OOOO|5000|OOOO|fOOO|
|Market value at I April 2020|||10,683|8,674|19,357|19,109|
|Acquired
during the period, at cost|||1,343|1,300|2,643|5,355|
|Disposal|||(1,232)|(697)|(1,929)|(3,690)|
|Unrealised
(tosses)/gains|for the period||1,389|1,302|2,691|(2,464)|
|Investment
income|||230|212|442|627|
|Cash drawdown|||(298)|(522)|(820)|513|
|Management
fees|||(50)|(45)|(95)|(93)|
|Market value at 31March 2021|||12,065|10,224|22,289|19,357|
|||Art|||||
||General|Purchases|||||
||Fund|Fund|Total 2021||Total|2020|
||6000|5000|OOOO|0/|6000||
|5Fixed interest|378|370|74$|39o/o|652|3.4%|
|f.Index linked|161|153|314|1.4%|311|1.6%|
|Other index linked|734|675|1,409|6.3%|1,415|7.3%|
|Alternative
investments|314|304|618|2.8'/o|1,362|7,0%|
|United Kingdom|4,412|4,118|$,530|38.4o/o|5,752|29.8%|
|Europe|129|127|256|1 1'/|272|1.4%|
|Rest ofthe World|4,809|4,019|8,828|39.6%|6,570|33.9%|
|Other securities|186|173|359|1.6%|1,324|6.8%|
|Cash|942|285|1,227||1,699|8.8%|
|Total market value|12,065|10,224|22',289|100.0 /o|19,357|100.0%|
|Cost|9,326|8,407|17,733||17,020||
##
##
||||as at31March|2021|||
|---|---|---|---|---|---|---|
|||Level I|Level 2|Level|3|Total|
|||$000|OOOO|5000||$000|
|Listed stocks or collective investment|vehicles|21,057||||21,057|
|Accrued interest||||||5|
|Cash||1,227||||1,227|
|Market value at 31March 2021||22,284|||5|22,289|
||||as at 31 March|2020|||
|||Level 1|Level 2|Level|3|Total|
|||5000|$000|OOOO||$000|
|Listed stocks or collective investment|vehicles|17,653||||17,653|
|Accrued interest||||||5|
|Cash||1,699||||1,699|
|Market value at 31 March 2020||19,352|||5|19,357|
|||||||||proric|
|---|---|---|---|---|---|---|---|---|
|||Country of|||||Net assets/|Ooss) for|
|||incorporation|Principal|activity||Holding|(liabilities)|period|
|The Cbatsworih|||||||||
|Estates Company||United Kingdom|Investment|Company|snd Nominee|100%|(f3,612)|(61,278)|
|Cbstswcrth|House||||||||
|Enterprises|Limited|United Kingdom|Trading activities|||IPP%||6342,516|
##
|Stocks||||||
|---|---|---|---|---|---|
||Grou||Ch|ith||
||2021|2020|2021||2020|
||5000|f000|$000||$000|
|Stores|52|61|52||61|
|Livestock|17|6|17||6|
||69|67|69||67|
##
##
|Debtors|||||||
|---|---|---|---|---|---|---|
||||Grou||Chari||
||||2021|2020|2021|2020|
||||$000|6000|OOOO|$000|
|Trade debtors|||264|632|24|4|
|Amounts|due|&om related undertakings|78|343|78|343|
|Bad debt|provision||(25)|(6)|(25)|(6)|
||||317|969|77|341|
|Amounts|due|&om group companies|||198|331|
|Prepayments||and accrued income|1,256|1,499|1,036|1,320|
||||1,573|2,468|1jl1|1,992|
##
|Creditors|—Amo|unts
falling due within
one yea|r||||
|---|---|---|---|---|---|---|
||||Grou||Chari||
||||2021|2020|2021|2020|
||||OOOO|6000|OOOO|6000|
|Amounts|falling|due within one year:|||||
|The Chatsworth||Settlement|2,418|1,594|2,418|1,594|
|Other trade creditors|||234|305|214|305|
|Deferred|income||481|373|480|372|
|Accruals|||1,466|2,260|1,056|1,474|
|Other taxation and social security|||55|29|55|29|
||||4,654|4,561|4,223|3,774|
##
|uture pe|riods.||||
|---|---|---|---|---|
|||||OOOO|
|Balance|as at 1 April 2020|||373|
|Amounts|released to income earned|from charitable|activities|(373)|
|Amounts|deferred in year|||481|
|Balance|asat31March 2021|||481|
##
##
|es to the financial statements
f|es to the financial statements
f|or the year|ended 31M|arch 2021|(continued)||
|---|---|---|---|---|---|---|
|Analysis ofgroup net assets between||funds|||||
||||Art|Donated|Other||
|||General|Purchases|Asset|Restricted||
|||Fund|Fund|Reserve|Funds|2021|
|||OOOO|OOOO|$000|6000|$000|
|Tangible fixed assets||2,900|8,208|765|154|12,027|
|Investment|properties|2,680||||2,680|
|Investments||12,064|10,224|||22,288|
|Cash at bank and in hand||399||||399|
|Net current|(liabilities)/assets|(3,611)|744||(145)|(3,012)|
|Unfunded|pension scheme liability|(11,991)||||(11,991)|
|||2,441|19,176|765|9|22,391|
||||Art|Donated|Other||
|||General|Purchases|Asset|Restricted||
|||Fund|Fund|Reserve|Funds|2020|
|||$000|OOOO|OOOO|fOOO|OOOO|
|Tangible fixed assets||3,611|8,197|765||12,573|
|Investment|properties|2,680||||2,680|
|Investments||10,682|8,674|||19,356|
|Cash at bank and in hand||1,082|34|||1,116|
|Net current|(liabilities)/assets|(2,578)|544|||(2,025)|
|Unfunded|pension scheme liability|(8,273)||||(8,273)|
|||7,204|17,449|765||25,427|
##
|onshire
and the Duke ofDevonshire's
Charitable
|Trust.|||
|---|---|---|---|
||Revaluation|Revenue||
||reserve|reserve|Total|
||$000|OOOO|6000|
|The reserves at the fund cotnprise:||||
|At 1 April 2020|1,968|5,236|7,204|
|Unrealised
gains on investments|1,389||1,389|
|Revaluation ofinvestment||||
|properties||||
|Actuarial losses on unfunded
pension scheme liability||(3,694)|(3,694)|
|Realised gains on investments||311|311|
|Net outgoing resources||(2,768)|(2,768)|
|Transfer between reserves|(118)|118||
|At 31March 2021|3/39|(797)|2;442|
##
##
|Notes to the financial
statements
for the|Notes to the financial
statements
for the|year ended 31March 20|21 (continue|d)|
|---|---|---|---|---|
|22
General Fund (continued)|||||
|||Revaluation|Revenue||
|Comparative
figures &om2019/20||reserve|reserve|Total|
|||$000|6000|OOOO|
|The reserves at the fund comprise:|||||
|At 1 April 2019||1,966|4,619|6,585|
|Unrealised
losses on investments||(1,274)||(1,274)|
|Revaluation ofinvestment|||||
|properties||(281)||(281)|
|Actuarial
gains on unfunded
scheme liability|pension||1,362|1,362|
|Realised gains on investments|||201|201|
|Net outgoing resources|||611|611|
|Transfer between reserves||1,557|(1,557)||
|At 31March 2020||1,968|5,236|7,204|
##
|other purposes at the discretion ofthe Council ofM|anagement.|||
|---|---|---|---|
||Revaluation|Revenue||
||reserve|reserve|Total|
||6000|6000|6000|
|The reserves ofthe fund comprise;||||
|At 1April 2020|870|16,579|17,449|
|Unrealised
gains on investments|1,302||1)302|
|Realised gains on investments||291|291|
|Net incoming resources||134|134|
|Transfer between
funds|(354)|354||
|At 31March 2021|1,818|17,358|19,176|
||Revaluation|Revenue||
|Comparative
figures from 2019/20|reserve|reserve|Total|
||6000|OOOO|$000|
|The reserves ofthe fund comprise:||||
|At 1April 2019|1,788|16,388|18,176|
|Unrealised
losses on investments|(1,190)|-|(1,190)|
|Realised gains on investments||203|203|
|Net incoming resources||260|260|
|Transfer between
funds|272|(272)||
|At 31March 2020|870|16,579|17,449|
##
##
##
##
|unded activities.|||||
|---|---|---|---|---|
||Historic||||
||Houses-Risk|Seahorse|RPA (Tree||
||Response Fund|Fountain|Planting)|Total|
|The reserves ofthe fund comprise:|||||
|At I April 2020||||9|
|Income|190|||190|
|Expenditure|(190)|||(190)|
|At 31March 2021|||||
|||Master|Seahorse|AIM History||RPA (Tree||
|---|---|---|---|---|---|---|---|
|||Drawings|Fountain|Makers|Art Council|Planting)|Total|
|Comparative|figures for 2019/20|||||||
|The reserves|ofthe fund comprise:|||||||
|At I April 2019||15|8|||I|24|
|Income||||60|15|-|75|
|Expenditure||(15')||(60)|(15)||(90)|
|At 31March|2020|||||I|9|
##
|The charity has es|tablished
this fund to account for donations|ofart to the charity arising in the pri|or period.|
|---|---|---|---|
|||Chaos||
|||Meteoro|Total|
|||$000|f000|
|The reserves ofthe fund comprise:||||
|At I April 2020||765|765|
|Income||||
|Expenditure||||
|Transfer between|funds|||
|At 31March 2021||765|765|
##
##
##
|he major assumptions
us|ed in the c|alcul|ation ofthe liability are as follows:|||
|---|---|---|---|---|---|
|||||2021|2020|
|Discount rate||||2.0%|2.3%|
|Salary inflation||||3.2%|2.5%|
|The amounts recognised|in the balance||sheet are as follows:|||
|||||2021|2020|
|||||fOOO|$000|
|Present value ofunfunded|obligations|||11,991|8,273|
|Deficit in the scheme||||11,991|8,273|
|Analysis ofamount recognised within|||actuarial gains and losses|||
|Changes
in assumptions|underlying|the|present value ofthe scheme liabilities|||
|Changes
in discount rate|and mortality||rates|3,694|(1,362)|
##
##
|s to th|e financial statements
for the year ended 31March 2021|(continued)||
|---|---|---|---|
|||2021|2020|
|||$000|f000|
|Changes|in the present value ofthe defined benefit obligation are as follows|||
|Opening|defined benefit obligation|8,273|9,564|
|Actuarial|losses/(gains)|3,694|(1,362)|
|Interest cost||187|226|
|Service cost||128|146|
|Benefits|paid|(291)|(301)|
|Closing|defined benefit obligation|11,991|8,273|
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|e year 58,375(2019/20|: K6,936)wa|s invoiced for gas and office costs.|||
|---|---|---|---|---|
||||2021|2020f|
|Amounts
due (trom)/to|Chatsworth|House Trust at 31March 2021|||
|with|||||
|The Chatsworth
Settlement|||(2,418,151)|(1,594,088)|
|Duke ofDevonshire|||2,507|20,974|
|Devonshire
Renewable|Energy Ltd||(45,856)|(9,491)|
|Chatswoith
Estate Trading|||(3,612)|(11,372)|
|Devonshire
Educational|Trust||229|5,558|
|Devonshire
Hotel Group|||13,633|(21,832)|
|Elm Tree Farm|||(1,152)||
##
##
||||||2021|2020|
|---|---|---|---|---|---|---|
||||||f000|5000|
|Carrying|amount|of|financial assets||||
|Financial|assets measured
at fair value through|||net|22,289|19,357|
|income/expenditure|||||||
|Debt instruments||measured
at amoitised cost|||317|969|
|Carrying|amount|of|financial liabilities||||
|Measured|at amortised||cost||4654|4 561|
##
##
|Reconciliation ofcash an|d cash equivalents|||
|---|---|---|---|
|||2021|2020|
|||$000|OOOO|
|Cash atbank and in hand||399|1,116|
|Cash held with investment|manager|1,227|1,699|
|Net funds at31March 2021||1626|2 815|